All updated as on -
From 2024–2031, the global water source market is expected to expand from 2024’s $961 million to 2031’s $1453 million, a compound annual growth rate (CAGR) of 54%. In 2023, the market was valued at $56 million.
Energy efficiency and environmental friendliness are rising to the top of the HVAC industry's priority list, driving a surge in demand for water source heat pumps (WSHPs). A significantly more environmentally friendly way to heat and cool dwellings, these structures use water as a heat alternative medium. The growth of the WSHP market is being propelled by a number of important characteristics.
A more environmentally conscious HVAC system is being installed by building owners due to rising environmental concerns and strict energy efficiency regulations. WSHPs are perfectly in line with those sustainability aims because they can tap into renewable power assets like geothermal or water. Furthermore, WSHP structures are suitable for a wide range of packages due to their adaptability, which includes residential buildings, industrial complexes, and commercial facility types. Their attractiveness is enhanced by the fact that they may provide warmth and cooling, often at the same time.
Thirdly, the performance and ease of use of WSHPs are being improved by technological advancements such as variable-velocity compressors and sophisticated controls, which makes them more competitive with traditional HVAC systems.Last but not least, WSHPs are in high demand due to the rising awareness of the need to achieve long-term power savings and lower operating expenses. Although WSHP adoption was first concentrated in Europe and North America, the industry is growing rapidly around the world as more and more people become aware of the need for energy-efficient HVAC solutions. The water source heat pump industry is set for a long-term boom due to rising ecological concerns and stricter electricity regulations.
Forecasts indicate that the water-to-air heat pump market will expand at a CAGR of almost 5% from 2023–2031. Important elements that will boost the industry are longer equipment life, easier maintenance, and reduced operational cost. To close the demand-supply gap, major companies in the sector are investing in larger plants and integrating their operations more closely, which is driving the rise of the water source heat pump market. One example is the May 2023 decision by Viessmann Group to invest more than $1 billion over the following three years into its heat pump and green climate solution product lines.
The growing emphasis on creating green building infrastructure is expected to provide the commercial application a significant place in the sector. Pumps like these are more popular than their less desirable alternatives, such as air source heat pumps, because they last longer than combustion-based heating systems and provide effective heating and cooling to buildings at low operating costs. In addition, the market outlook is being expedited as industry participants concentrate on enhancing production capabilities and introducing innovations.
The proliferation of WSHP systems is a response to the ever-tightening regulations governing energy efficiency and the pursuit of sustainability goals. These systems are appealing to building owners and developers due to their high performance and minimal impact on the environment. A first-rate motivator is the increasing focus on sustainability and reducing carbon footprints. WSHPs are in perfect harmony with sustainability goals because they can use renewable energy sources like water or geothermal power.
Compared to more traditional HVAC systems, the initial investment in WSHP systems could be more beneficial. Some building owners, especially those in the residential sector, may find this value to be an obstacle to adoption. The amount of participants striving for sustainability determines the demand for the water source heat pump market. When compared to conventional HVAC systems, installing WSHP structures—especially for retrofit projects—can be more complicated. Longer installation times and perhaps greater installation costs can result from this complexity. In order to avoid harm, it becomes tough for the general public to comprehend and necessitates the assistance of experts.
Report Coverage
Global Water Source Heat Pump research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Water Source Heat Pump report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Water Source Heat Pump competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Water Source Heat Pump market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Water Source Heat Pump market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Water Source Heat Pump market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Carrier Corporation, Daikin Industries, Ltd., Bosch Thermotechnology, Trane Technologies, Mitsubishi Electric Corporation, ClimateMaster, Inc., NIBE Group, Viessmann Group, Stiebel Eltron, A. O. Smith Corporation, Modine Manufacturing Company, Johnson Controls International plc, Vaillant Group, Danfoss Group, Kensa Heat Pumps, Enertech Global, LLC, Colmac WaterHeat, Mammoth Inc., Florida Heat Pump / Bosch, Midea Group.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Water Source Heat Pump market based on the below-mentioned segments:
Global Water Source Heat Pump Market, By Product
Water to air
Water to water
Global Water Source Heat Pump market, By Application
Residential
Commercial
Global Water Source Heat Pump Market, By Technology
Open loop
Closed loop
Hybrid
Global Water Source Heat Pump market, Regional Analysis
Energy efficiency and environmental friendliness are rising to the top of the HVAC industry's priority list, driving a surge in demand for water source heat pumps (WSHPs). A significantly more environmentally friendly way to heat and cool dwellings, these structures use water as a heat alternative medium. The growth of the WSHP market is being propelled by a number of important characteristics.
A more environmentally conscious HVAC system is being installed by building owners due to rising environmental concerns and strict energy efficiency regulations. WSHPs are perfectly in line with those sustainability aims because they can tap into renewable power assets like geothermal or water. Furthermore, WSHP structures are suitable for a wide range of packages due to their adaptability, which includes residential buildings, industrial complexes, and commercial facility types. Their attractiveness is enhanced by the fact that they may provide warmth and cooling, often at the same time.
Thirdly, the performance and ease of use of WSHPs are being improved by technological advancements such as variable-velocity compressors and sophisticated controls, which makes them more competitive with traditional HVAC systems.Last but not least, WSHPs are in high demand due to the rising awareness of the need to achieve long-term power savings and lower operating expenses. Although WSHP adoption was first concentrated in Europe and North America, the industry is growing rapidly around the world as more and more people become aware of the need for energy-efficient HVAC solutions. The water source heat pump industry is set for a long-term boom due to rising ecological concerns and stricter electricity regulations.
Forecasts indicate that the water-to-air heat pump market will expand at a CAGR of almost 5% from 2023–2031. Important elements that will boost the industry are longer equipment life, easier maintenance, and reduced operational cost. To close the demand-supply gap, major companies in the sector are investing in larger plants and integrating their operations more closely, which is driving the rise of the water source heat pump market. One example is the May 2023 decision by Viessmann Group to invest more than $1 billion over the following three years into its heat pump and green climate solution product lines.
The growing emphasis on creating green building infrastructure is expected to provide the commercial application a significant place in the sector. Pumps like these are more popular than their less desirable alternatives, such as air source heat pumps, because they last longer than combustion-based heating systems and provide effective heating and cooling to buildings at low operating costs. In addition, the market outlook is being expedited as industry participants concentrate on enhancing production capabilities and introducing innovations.
The proliferation of WSHP systems is a response to the ever-tightening regulations governing energy efficiency and the pursuit of sustainability goals. These systems are appealing to building owners and developers due to their high performance and minimal impact on the environment. A first-rate motivator is the increasing focus on sustainability and reducing carbon footprints. WSHPs are in perfect harmony with sustainability goals because they can use renewable energy sources like water or geothermal power.
Compared to more traditional HVAC systems, the initial investment in WSHP systems could be more beneficial. Some building owners, especially those in the residential sector, may find this value to be an obstacle to adoption. The amount of participants striving for sustainability determines the demand for the water source heat pump market. When compared to conventional HVAC systems, installing WSHP structures—especially for retrofit projects—can be more complicated. Longer installation times and perhaps greater installation costs can result from this complexity. In order to avoid harm, it becomes tough for the general public to comprehend and necessitates the assistance of experts.
Report Coverage
Global Water Source Heat Pump research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Water Source Heat Pump report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Water Source Heat Pump competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Water Source Heat Pump market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Carrier Corporation, Daikin Industries, Ltd., Bosch Thermotechnology, Trane Technologies, Mitsubishi Electric Corporation, ClimateMaster, Inc., NIBE Group, Viessmann Group, Stiebel Eltron, A. O. Smith Corporation, Modine Manufacturing Company, Johnson Controls International plc, Vaillant Group, Danfoss Group, Kensa Heat Pumps, Enertech Global, LLC, Colmac WaterHeat, Mammoth Inc., Florida Heat Pump / Bosch, Midea Group. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Water Source Heat Pump Market from 2021 to 2031.
- Market Forecast for Water Source Heat Pump Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Water Source Heat Pump competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Water Source Heat Pump
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Water Source Heat Pump market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Water Source Heat Pump market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Carrier Corporation, Daikin Industries, Ltd., Bosch Thermotechnology, Trane Technologies, Mitsubishi Electric Corporation, ClimateMaster, Inc., NIBE Group, Viessmann Group, Stiebel Eltron, A. O. Smith Corporation, Modine Manufacturing Company, Johnson Controls International plc, Vaillant Group, Danfoss Group, Kensa Heat Pumps, Enertech Global, LLC, Colmac WaterHeat, Mammoth Inc., Florida Heat Pump / Bosch, Midea Group.
Primary Target Market
- Market Players of Water Source Heat Pump
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Water Source Heat Pump market based on the below-mentioned segments:
Global Water Source Heat Pump Market, By Product
Water to air
Water to water
Global Water Source Heat Pump market, By Application
Residential
Commercial
Global Water Source Heat Pump Market, By Technology
Open loop
Closed loop
Hybrid
Global Water Source Heat Pump market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive water source heat pump market market research and competitor analysis for your business to help you develop more profound insights into the water source heat pump market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the water source heat pump market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.